@mklives, yes. Ignoring it as the trend on higher tf (hourly in case of intraday) is down. Golden rule of reading oscillator signals is to first see the trend direction and then read the oscillator signal in conjunction with the trend direction.
@mklives, i usually consider divergences only after the price has made a significant move in the counter trend direction. eg: price consolidation for a long duration and a range breakout OR when a major trendline breaks out OR H&S breaks out OR when a major swing point is taken down (all with supporting volume) when accompanied with divergence signals are more meaningful. Price action/chart pattern is the main course, indicators/oscillators are pickles in the meal (because all the indicators are derived from price and volume)